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Big Oil heeds call to ‘drill, baby, drill’ as green transition slows Energy groups are refocusing on exploration in anticipation of the world remaining hooked on fossil fuels for decades Oil pumping jacks in an oil field at sunset in Russia Wood Mackenzie estimates a slower green transition could leave the world needing about 5% more oil per year than previously forecast from the mid-2030s © Bloomberg Creative Big Oil heeds call to ‘drill, baby, drill’ as green transition slows on x (opens in a new window) Big Oil heeds call to ‘drill, baby, drill’ as green transition slows on facebook (opens in a new window) Big Oil heeds call to ‘drill, baby, drill’ as green transition slows on linkedin (opens in a new window) Save current progress 65% Malcolm Moore in London and Jamie Smyth in New York Published15 minutes ago 0 Print this page Stay informed with free updates Simply sign up to the Oil & Gas industry myFT Digest -- delivered directly to your inbox. The world’s leading oil companies are stepping up their hunt for new oil and gas reserves, as a slower than expected transition to clean energy sets the stage for stronger fossil fuel demand for decades to come. Executives from BP, Chevron, ExxonMobil, Shell and TotalEnergies all used recent earnings calls to highlight how they have begun refocusing on securing new reserves after years of prioritising renewables. Expectations for a rapid energy transition have moderated in recent years, as elevated inflation and interest rates raised costs and slowed development of renewables. Geopolitical instability has led governments to prioritise energy security over decarbonisation. US President Donald Trump has directed oil and gas producers to “drill, baby, drill”. Wood Mackenzie estimates a slower transition could leave the world needing about 5 per cent more oil per year than previously forecast from the mid-2030s. The energy consultancy forecasts that the world will require more than 100bn extra barrels of oil and gas from ex…
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Big Oil heeds call to ‘drill, baby, drill’ as green transition slows Energy groups are refocusing on exploration in anticipation of the world remaining hooked on fossil fuels for decades Oil pumping jacks in an oil field at sunset in Russia Wood Mackenzie estimates a slower green transition could leave the world needing about 5% more oil per year than previously forecast from the mid-2030s © Bloomberg Creative Big Oil heeds call to ‘drill, baby, drill’ as green transition slows on x (opens in a new window) Big Oil heeds call to ‘drill, baby, drill’ as green transition slows on facebook (opens in a new window) Big Oil heeds call to ‘drill, baby, drill’ as green transition slows on linkedin (opens in a new window) Save current progress 65% Malcolm Moore in London and Jamie Smyth in New York Published15 minutes ago 0 Print this page Stay informed with free updates Simply sign up to the Oil & Gas industry myFT Digest -- delivered directly to your inbox. The world’s leading oil companies are stepping up their hunt for new oil and gas reserves, as a slower than expected transition to clean energy sets the stage for stronger fossil fuel demand for decades to come. Executives from BP, Chevron, ExxonMobil, Shell and TotalEnergies all used recent earnings calls to highlight how they have begun refocusing on securing new reserves after years of prioritising renewables. Expectations for a rapid energy transition have moderated in recent years, as elevated inflation and interest rates raised costs and slowed development of renewables. Geopolitical instability has led governments to prioritise energy security over decarbonisation. US President Donald Trump has directed oil and gas producers to “drill, baby, drill”. Wood Mackenzie estimates a slower transition could leave the world needing about 5 per cent more oil per year than previously forecast from the mid-2030s. The energy consultancy forecasts that the world will require more than 100bn extra barrels of oil and gas from ex…
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